Beginner's Guide to Investing in Cryptocurrency | Hacker News Reader

Beginner's Guide to Investing in Cryptocurrency

hackmd.io

11 pointsnesquena15 comments

Here's a tool I wrote which is basically an automated version of what's described in the article: https://github.com/brndnmtthws/optimal-buy-gdax

Looks cool!

Calling putting money into cryptos “investing” is a bold move.

It's a competent basic guide on how to invest, but it doesn't explain how you trade crypto back into cash and the problems associated with that.

>Coinbase is the safest and most secure online cryptocurrency site. Always start with Coinbase. You can be quite confident your money and personal information is secure.

No, you can't be confident of that. Buyer beware.

Coinbase, who disappeared my order of ETH with no reason, when it doubled in value.

Did this ever get resolved?

Nope. They offered to reinstate my transaction at the price it doubled to. Throwing away the lost profit which is very convienent for them.

I've updated the guide to reflect your valid points here.

Beginner's Guide to <s>investing in</s>Gambling With Cryptocurrency.

FTFY.

Fair enough

> You should hold between 5-15% of your full investment portfolio in crypto in total.

Sorry, no. That's just horrendous advice.

Fair enough, I've adjusted this to be more clear now.

Wherever you purchase some coins transfer them to your private wallet/cold storage. One thing is the need to own your keys and thereby your wallet, but you also should not trust that your exchange will keep your coins safe, or even that the exchange will be there tomorrow.

This is the biggest hurdle to become mainstream: in the hustle to decentralize money, bitcoin hustlers have decentralized security and most people absolutely suck at (cyber)security. Previously perhaps you needed to reinstall Windows or even lost a few (or more than a few) documents but now you will lose this thing you paid for and the thief can easily turn into real money (and hard to track at that).

> You’ll want to use an app to track your profits and gains.

Actually, you'll be using an app to track your losses.

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